Insurance companies or providers may offer various services to customers, including offering auto insurance, health insurance, business insurance, home insurance, and more. In particular, insurance providers may offer home insurance to homeowners to cover costs and protect homes from damage during unexpected disasters. Home insurance may allow customers to lower costs associated with repairing, replacing, or renovating one or more features of a home. For example, insurance providers may cover weather-related damage to a home, such as hail damage, tornado damage, earthquake damage, hurricane damage, and damage associated with other catastrophes.
While home insurance offered by insurance providers may cover a host of potential perils that may occur, home insurance might not typically cover damages associated with homeowners who may rent out their homes to other individuals. For example, homeowners may rent out all or a part of their homes as vacation rentals to individuals such as travelers looking for comfortable lodging during travel. In another example, homeowners may rent out all or a part of their homes to one or more individuals looking for short-term housing in a new city. By renting out their properties, homeowners may benefit by earning revenue that may be useful for other needs, such as for paying off home mortgages.
Despite the benefits of homeowners' renting out their properties, homeowners may be liable for any damages incurred by short-term renters during the rental period. For example, homeowners may be victim to theft, damages to personal property, or loss in funds due to cancellation by renters. Conventional insurance systems might not account for such renter-related perils, resulting in losses for homeowners.
As such, new systems, methods, and devices may be desired to assist in enhancing various processes for insurance providers in order to provide adequate and accurate insurance coverage for homeowners renting out their homes.